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Application Specific Integrated Circuit Market 2024: Trends and Forecast
Application Specific Integrated Circuit Market 2024
According to The Business Research Company's, The application specific integrated circuit market size has grown strongly in recent years. It will grow from $16.42 billion in 2023 to $17.62 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to cost efficiency and performance improvement, growing complexity of applications, market expansion in electronics and communication sectors, shrinking design cycles, increasing integration in consumer electronics.
The application specific integrated circuit market size is expected to see strong growth in the next few years. It will grow to $23.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rise in iot devices and edge computing, automotive electronics evolution, demand for energy-efficient solutions, increased complexity in semiconductor design, collaborations and partnerships. Major trends in the forecast period include emergence of 5g technology, rapid prototyping and time-to-market, security concerns and solutions, advancements in process technologies, increasing demand for customization.
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Market Drivers and Trends:
The growing adoption of cryptocurrencies is expected to propel the growth of the application specific integrated circuit market going forward. A cryptocurrency is a type of digital currency that is produced utilizing encryption methods. With the use of encryption technology, cryptocurrencies serve as both a medium of exchange and a virtual accounting system. Application specific integrated circuit devices are used in mining cryptocurrency by using heavy and advanced computing, Hance, the adoption of cryptocurrencies expands the market. For instance, according to the International Monetary Fund, a US-based leading United Nations financial agency, and an international financial institution, in 2021, the cryptocurrency market value nearly tripled to reach an all-time high of $2.5 trillion. Therefore, the growing adoption of cryptocurrencies is driving the growth of application specific integrated circuit market.
Technological advancement is the key trend gaining popularity in the application-specific integrated circuit market. Major companies operating in the application-specific integrated circuit market are focused on developing innovative technologies to strengthen their position in the market. For instance, in February 2023, Fortinet, a US-based company, that manufactures and distributes cybersecurity products, launched FortiSP5 the most recent advancement in ASIC technology making significant progress in protecting dispersed network edges. FortiSP5 provides significant secure computing power gains over traditional CPU and network ASICs, as well as lower cost and power consumption and the ability to provide new secure infrastructure across branches, campuses, 5G, edge computing, and operational technologies. It also provides encryption that is 32 times faster to protect sensitive data and secure virtual private networks, among other benefits.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Infineon Technologies AG; Semiconductor Components Industries LLC; OmniVision Technologies Inc.; Tekmos Inc.; Seiko Epson Corporation; Socionext America Inc.; Intel Corporation; Texas Instruments Incorporated; STMicroelectronics N.V.; Qualcomm; Onsemi; Maxim Integrated; Renesas Electronics Corporation; Broadcom Inc.; Comport Data Inc.; Fujitsu Limited; NXP Semiconductors N.V; Faraday Technology Corporation; Comport Data; Micron Technology; Intel Corporation; ASIX Electronics; Renesas Electronics Corporation; IC'Alps; Marvell Technology Group Ltd.; Samsung Electronics; LG Electronics; Honeywell International Inc.; eSilicon; Cypress Semiconductor Corporation
Application Specific Integrated Circuit Market 2024 Key Insights:
• The application specific integrated circuit market will grow to $23.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Rising Adoption Of Cryptocurrencies Drives Growth In The Application-Specific Integrated Circuit (ASIC) Market
• Technological Advancement Enhancing Network Edge Protection
• North America was the largest region in the application specific integrated circuit market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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